DDM Analysis: TBIG.JK

Valuation Snapshot

Stable Growth	$4,699.48 - $12,867.00	$12,058.26
Multi-Stage	$1,869.55 - $2,042.53	$1,954.47
Blended Fair Value	$7,006.37
Current Price	$2,300.00
Upside	204.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.69%	15.76%	55.36	58.57	36.31	30.81	26.96	26.71	33.87	29.60	26.35	0.00
YoY Growth	-	-	-5.48%	61.31%	17.84%	14.29%	0.95%	-21.15%	14.42%	12.33%	0.00%	-100.00%
Dividend Yield	-	-	2.78%	3.14%	1.68%	1.07%	1.30%	2.95%	4.29%	2.65%	2.42%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,453,472.00
(-) Cash Dividends Paid (M)	1,241,463.00
(=) Cash Retained (M)	212,009.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290,694.40	181,684.00	109,010.40
Cash Retained (M)	212,009.00	212,009.00	212,009.00
(-) Cash Required (M)	-290,694.40	-181,684.00	-109,010.40
(=) Excess Retained (M)	-78,685.40	30,325.00	102,998.60
(/) Shares Outstanding (M)	22,465.16	22,465.16	22,465.16
(=) Excess Retained per Share	-3.50	1.35	4.58
LTM Dividend per Share	55.26	55.26	55.26
(+) Excess Retained per Share	-3.50	1.35	4.58
(=) Adjusted Dividend	51.76	56.61	59.85
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4,699.48	$12,058.26	$12,867.00
Upside / Downside	104.33%	424.27%	459.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,453,472.00	1,547,947.68	1,648,564.28	1,755,720.96	1,869,842.82	1,991,382.60	2,051,124.08
Payout Ratio	85.41%	86.33%	87.25%	88.17%	89.08%	90.00%	92.50%
Projected Dividends (M)	1,241,463.00	1,336,357.06	1,438,342.16	1,547,939.22	1,665,706.91	1,792,244.34	1,897,289.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,241,125.84	1,252,890.07	1,264,654.29
Year 2 PV (M)	1,240,648.70	1,264,279.57	1,288,133.38
Year 3 PV (M)	1,240,034.66	1,275,631.60	1,311,903.34
Year 4 PV (M)	1,239,286.77	1,286,946.24	1,335,967.31
Year 5 PV (M)	1,238,408.01	1,298,223.58	1,360,328.43
PV of Terminal Value (M)	35,800,330.16	37,529,499.49	39,324,848.20
Equity Value (M)	41,999,834.13	43,907,470.55	45,885,834.96
Shares Outstanding (M)	22,465.16	22,465.16	22,465.16
Fair Value	$1,869.55	$1,954.47	$2,042.53
Upside / Downside	-18.72%	-15.02%	-11.19%

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PT Tower Bersama Infrastructure Tbk (TBIG.JK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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